b'Long-term Collaboration Results in First-to-MarketEJF Capitals DeconsolidationRisk TransfersWe worked with EJF Capital to develop and execute the first risk transfer transaction to achieve both capital relief and commercial real estate (CRE) de-concentration relief for a bank. This trade was named deal of the year by Structured Credit Investor. It also contributed to the firms recognition, for the second year in a row, as North America Law Firm of the Year, at SCIs awards for its innovation in the global credit risk-sharing market. EJF Capital is a private equity fund that has long been known for its innovative transactions with regional banks. For over a year, they work-shopped ideas on how to help regional banks reduce their supervisory CRE concentration ratios without reducing CRE lending. We were with them throughout this process, investing time in a structure that did not yet have a counterparty. Eventually, EJF developed a structure and identified a counterparty in Third Coast Bank, a Texas community bank. EJF worked with the bank to organize the origination, sale, and financing of a pool of commercial con-struction loans. Having Third Coast originate and sell the loans to an EJF fund was the easy part. The hard part was finding a way for Third Coast to finance the sale of the loans without recognizing a CRE exposure. We found ways for the bank to thread the needle of financing a loan sale in a way that did not create a loan exposure. EJF already has repeated this structure with Third Coast and is talking to other banks that need the most sophisticated capital and CRE solutions. We are pleased to have assisted in this inaugural deal. 16'